The 100 largest U.S. mutual funds haven't followed pension funds in using the shareholder proposal process to encourage companies to reduce climate-related risks to shareholder value, according to a study to be released Tuesday. The study, written by Doug Cogan, Investor Responsibility Research Center deputy director of social issues service, examined the funds' 2004 proxy voting records and found that few voted in favor of global-warming resolutions. Most of the funds followed the lead of company management, according to a statement previewing the study.
"By contrast, a growing number of major pension funds and individual leaders in that industry sector have voluntarily disclosed their deliberate decision to support global warming resolutions, due to the financial risks posed by unmitigated climate change risks," the statement said.
